Greg Foster, CEO of IMAX Entertainment, said in order to better take advantage of the revamped theaters, the company would make original content to fill them when there's no major release scheduled.

"We're never going to go on top of a release from a studio we work with," Foster said. The films would supplement its calendar.

Jon Favreau, director of "The Jungle Book," is an Imax fan. Disney

Foster wasn't ready to name names, in terms of directors it might work with, but said they are "very much partners" with past collaborators.

That crew comprises some of the biggest names in Hollywood, including Christopher Nolan ("Interstellar," "The Dark Night"), J.J. Abrams ("Star Trek," "Star Wars: The Force Awakens"), Jon Favreau ("Iron Man," "The Jungle Book"), and Anthony and Joe Russo ("Captain America: Civil War"). They have all used IMAX technology to better their movies over the years.

It won't be the big-screen exhibitor's first foray into original content.

In spring 2014, IMAX announced a $50 million fund to develop a series of documentaries focused on globalization, technology, and space. Its mission is to "push the envelope of traditional documentary filmmaking for a new generation of moviegoers," according to a press release.

If IMAX starts making more feature-like films, it could be an awesome resource for directors who are usually confined to making movies the big-name studios want.

Foster used Abrams as an example of an ideal partner for the company's movie-making arm. The director runs a private movie and TV studio, Bad Robot, responsible for "Alias," "Lost," Hulu's "11.22.63." and this year's surprise "10 Cloverfield Lane." He might look to IMAX as an outlet for his more eccentric productions.

J.J. Abrams chats with Daisy Ridley on set of "Star Wars: The Force Awakens."Vanity Fair

The move into filmmaking — like the makeovers on its theaters — is part of IMAX's effort to motivate young people to go the movies. In the era of streaming, watching a movie at a theater is no longer the most preferred (or obvious) approach to entertainment consumption.

If IMAX can offer millennials something they can't watch on an iPhone, they might just shell out for the $20 ticket.